A former Denver Broncos quarterback could transition to one of the team’s owners following a judge’s ruling on Tuesday that the right of first refusal to sell the team is no longer valid.
ROFR Holdings, which is part-owned by former Broncos owner Edgar Kaiser’s estate, has claimed it held the rights ever since Kaiser sold the team to Pat Bowlen for $78 million in 1984.
In late December, the team filed a lawsuit against the company challenging that the personal contract ended when both owners died — Kaiser in 2012 and Bowlen in 2019 — and that the rights weren’t legally transferred.
Despite not officially being on the market, the team, currently owned by the Pat Bowlen Trust, is likely to be sold in the coming months if Bowlen’s children cannot agree on a majority owner. Broncos CEO Joe Ellis says a resolution between the siblings is unlikely.
Sources told Front Office Sports in September that the team could fetch around $4 billion.
There have already been months of speculation over who will purchase the Broncos, which Forbes valued at $3.75 billion earlier this year.
- Six different groups plan on bidding for the team, according to Woody Paige of the Denver Gazette.
- Paige said that former Broncos quarterbacks Peyton Manning and John Elway are expected to be in two of those groups.
Ellis says the team plans to make an announcement regarding ownership shortly after the team hires its new head coach.